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I'm in the process of buying a rental property. I'm not in the position to obtain financing myself so I stuck a deal with the owner. I paid her $3000 down and she will keep the loan in her name while I make the payments and get a landlord insurance policy in my name. I have to obtain my own traditional financing within 60 months. My husband and I would like to file personal bankruptcy. Will this property be considered an asset? I do plan to rent it out but haven't yet. We haven't filed any paperwork regarding the purchase of the property. Can I buy it as an LLC?